In recent months, on-chain data reveals that Ethereum “whales”—wallets holding between 1,000 and 100,000 ETH—have increased their holdings by approximately 14 percent since early April 2025. Analysts remain optimistic that Ethereum could reach as high as $15,000 by the end of the year, even as caution grows amid concerns about shifting investor focus back toward Bitcoin.
Strong Accumulation by Key Investors
Ethereum whales have added around 14 percent more ETH over the past five months—about 5.54 million ETH—pushing total whale holdings to 42.5 million ETH, which represents roughly 35 percent of the circulating supply. This surge coincides with Ethereum’s rally toward the $4,500 level.
ETF Flows and Institutional Treasury Contributions
Institutional demand has also played a role. Leading treasury firms now hold significant stakes—one of the largest holders controls around 1.86 million ETH, approximately 1.55 percent of total supply. The top 10 ETH treasury firms combined control about 3.6 million ETH, valued at around $15.5 billion.
However, Ethereum exchange-traded funds (ETFs) have not seen smooth sailing. In early September, spot Ethereum ETFs experienced $135 million in outflows, even as spot Bitcoin ETFs continued to attract inflows.
Bullish Forecasts, But Some Hedge Risks
Despite mixed ETF performance, some analysts remain bullish. Forecasts suggest that Ether could surge to between $12,000 and $15,000 by year-end. Yet, other voices caution that renewed investor enthusiasm for Bitcoin—or simply market rotation back toward the king of cryptos—could dampen the rally for Ethereum.
Market Rotation and On-Chain Signals
The rotation of capital from Bitcoin to Ethereum has been visible in whale activity. In some cases, Bitcoin whales have redirected billions into Ethereum. One whale transferred over $2.5 billion in funds into ETH, fueling breakout chatter and sparking speculation of a move toward $5,000 in the near term.
More recently, Ethereum whales are increasingly active. In just 24 hours, they purchased 260,000 ETH, worth approximately $1.14 billion. This rapid accumulation underscores the confidence some major investors hold in Ethereum’s potential upside.
Summary
-
Accumulation: ETH whales have boosted holdings by about 14 percent since April, now controlling nearly 35 percent of circulating supply.
-
Institutional Activity: Treasury firms and ETF developments continue to influence ETH’s market dynamics.
-
Price Outlook: Optimistic forecasts place ETH between $12,000 and $15,000 by year-end, backed by strong whale accumulation.
-
Risks: Capital rotation back to Bitcoin and persistent ETF outflows remain significant risk factors.